The Florida Public Service Commission (PSC) today approved a reduction of approximately $662 million in 2024 fuel costs for Florida Power & Light Company (FPL). This mid-course correction to FPL’s fuel factors is attributed to lower than expected natural gas prices, excess natural gas in storage, and milder weather.
FPL included in its request the $5 million fuel cost credit approved by the Commission last month related to replacement power costs for nuclear plant outages from 2020-2022. Beginning in May 2024, FPL residential bills will reflect the reduced fuel charge for an 8 month period.
FPL Peninsular: The current monthly 1,000 kWh residential bill of $128.88 will change to $121.19, a decrease of $7.69, or approximately 6.0 percent.
FPL Northwest: The current monthly 1,000 kWh residential bill of $143.08 will change to $135.38, a decrease of $7.70, or approximately 5.4 percent.
Utilities do not earn a profit on fuel charges. The fuel and capacity cost component of customers’ bills is set for each calendar year, but mid-course corrections are used when a utility’s costs increase or decrease significantly in the interim. Under Commission rules, a utility must notify the PSC when it expects an under- or over-recovery greater than 10 percent.
FPL serves 5.8 million customer accounts in Florida.
For additional information, visit www.floridapsc.com.
